July 27, 2017 5:09 PM ET

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Company Overview of WMG Acquisition Corp.

Company Overview

WMG Acquisition Corp. operates as a music-based content company in the United States. The company was founded in 1929 and is headquartered in New York, New York. WMG Acquisition Corp. operates as a subsidiary of WMG Holdings Corp.

75 Rockefeller Plz

New York, NY 10019

United States

Founded in 1929

4,445 Employees

Phone:

212-275-2000

Key Executives for WMG Acquisition Corp.

Chief Executive Officer and Director
Age: 62
President and Director
Age: 59
Chairman of Warner Music International and Chief Executive Officer of Warner Music International
Age: 51
Director and Chairman of Warner/Chappell Music
Age: 51
Chief Executive Officer of Warner Music Group
Age: 71
Compensation as of Fiscal Year 2017.

WMG Acquisition Corp. Key Developments

WMG Acquisition Corp. Enters Senior Term Loan Credit Agreement Amendment

On May 22, 2017, WMG Acquisition Corp. entered into an amendment to the credit agreement, dated November 1, 2012 (as amended by the amendments dated as of May 9, 2013, July 13, 2016 and November 21, 2016) (the Senior Term Loan Credit Agreement), among Acquisition Corp., the guarantors party thereto, the lenders party thereto and Credit Suisse AG, as administrative agent, governing Acquisition Corp.'s senior secured term loan facility with Credit Suisse AG, as administrative agent, and the other financial institutions and lenders from time to time party thereto, to, among other things, reduce the pricing terms of its outstanding term loans. Prior to the Amendment, term loan borrowings under the Senior Term Loan Credit Agreement bore interest at a floating rate measured by reference to, at Acquisition Corp.'s option, either (i) an adjusted London inter-bank offered rate, or LIBOR, not less than 1.00% per annum plus a borrowing margin of 2.75% per annum or (ii) an alternate base rate plus a borrowing margin of 1.75% per annum. Pursuant to the Amendment, term loan borrowings under the Senior Term Loan Credit Agreement will bear interest at a floating rate measured by reference to, at Acquisition Corp.'s option, either (i) an adjusted LIBOR not less than 0.00% per annum plus a borrowing margin of 2.50% per annum or (ii) an alternative base rate plus a borrowing margin of 1.50% per annum.

WMG Acquisition Corp. Seeks Lender Consent to an Amendment to the Credit Agreement

WMG Acquisition Corp. launched a process by which it is seeking lender consent to an amendment to the credit agreement, dated November 1, 2012 (as amended by the amendments dated as of May 9, 2013 and July 15, 2016, the credit agreement), governing the company's senior secured term loan facility with Credit Suisse AG, as administrative agent, and the other financial institutions and lenders from time to time party thereto. If approved, the credit agreement amendment will extend the maturity date of the company's credit agreement to November 1, 2023, subject, in certain circumstances, to a springing maturity inside the maturity date of certain of the company's other outstanding indebtedness. On October 13, 2016, the company priced an offering of 345 million 4.125% Senior Secured Notes due 2024 and $250 million 4.875% Senior Secured Notes due 2024. The offering of these notes is expected to close on October 18, 2016. On October 18, 2016, the company also plans to consummate its cash tender offers for any and all of its outstanding 6.250% Senior Secured Notes due 2021 and 6.000% Senior Secured Notes due 2021 and satisfy and discharge the indenture relating to such notes (to the extent not accepted for purchase in such tender offers).

WMG Acquisition Corp. Intends to Commence Private Offering of $630 Million Aggregate Principal Amount of Senior Secured Notes

Warner Music Group Corp. announced that through WMG Acquisition Corp. it intends to commence a private offering of $630 million aggregate principal amount of senior secured notes, which are expected to be issued in a combination of euro- and dollar-denominated notes. The Notes will be offered in a private offering exempt from the registration requirements of the United States Securities Act of 1933, as amended. The Notes will be offered only to qualified institutional buyers pursuant to Rule 144A and to certain persons outside the United States pursuant to Regulation S, each under the Securities Act. The company intends to use the proceeds of the offering, together with available cash, to repurchase, redeem or discharge all of its currently outstanding 6.250% senior secured notes due 2021 and 6.000% senior secured notes due 2021.

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